Daimler is not only significant in the auto making industry. It has also been an integral part of the European Aeronautic, Defence & Space Co. for decades. However, the famous parent company of Mercedes-Benz has now decided to sell its shares of the aeronautical company.

According to the news from Bloomberg which was published last March 27 in its official website, Daimler will book around 2.7 billion Euros or 3.44 billion U.S. Dollars from the reevaluation of its remaining holdings in the airplane maker. Their remaining shares is around 7.5% said Bloomberg.

After the vote conducted by EAD owners last Wednesday, March 27, it was decided that the shareholder pact between the luxury car manufacturer and the parent of Airbus SAS is now ready to be extinguished.

In a statement of Daimler through its CFO Bodo Uebber, the auto maker said that their pronouncement to break up their ties with EAD is due to their decision to focus more in their core business, which is producing luxury cars.